Enter multiple symbols separated by commas

Russia's Evraz Group Completes Acquisition of Oregon Steel

Russian coal and steel producer Evraz Group said Wednesday that it has completed its acquisition of Oregon Steel Mills, one of the largest investments in the United States by a Russian company.

Evraz agreed in November to buy Oregon Steel for $2.3 billion (1.8 billion euros), or $63.25 a share in cash. The deal received U.S. regulatory approval on Jan. 10, and Evraz said last week that it had received more than 90% of the nearly 36 million shares of Oregon Steel stock - enough to bypass a shareholder vote.

Evraz said the acquisition of the Portland, Oregon-based company was completed through a "short-form" merger of Oregon Steel with Evraz's wholly owned subsidiary Oscar Acquisition Merger Sub Inc. It said payment had been made for all tendered shares.

"We ... look forward to jointly building a world-class company with efficient operations, diverse revenue streams and high margins," Evraz Chairman and CEO Alexander Frolov was quoted as saying in a news release.

He said the combined company starts out as "a global leader in the important rails market, with a strong presence in the two largest railway countries."

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Mark Cuban and Donald Trump

    Donald Trump appears to have Mark Cuban's vote, at least in terms of how the billionaire real estate mogul is conducting his political campaign.

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • Members of the New Horizons science team react to seeing the spacecraft's last and sharpest image of Pluto before closest approach later in the day at the Johns Hopkins University Applied Physics Laboratory (APL) in Laurel, Maryland July 14, 2015.More than nine years after its launch, a U.S. spacecraft sailed past Pluto on Tuesday, capping a 3 billion mile (4.88 billion km) journey to the solar system's farthest reaches, NASA said.

    The New Horizons Pluto flyby mission set records for NASA's social media and web metrics——but why do we care so much?

U.S. Video